PROJECT AUDIO LTD

PROJECT AUDIO LTD

PROJECT AUDIO LTD - Company Information

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PROJECT AUDIO LTD

Company Registration Number:
06542935 (England and Wales)

Unaudited abridged accounts for the year ended 30 March 2019

Period of accounts

Start date: 01 April 2018

End date: 30 March 2019

PROJECT AUDIO LTD

Contents of the Financial Statements

for the Period Ended 30 March 2019

Balance sheet
Notes

PROJECT AUDIO LTD

Balance sheet

As at 30 March 2019


Notes
2019
2018


£
£
Fixed assets
Tangible assets: 3 344,002 308,223
Total fixed assets: 344,002 308,223
Current assets
Stocks: 75,000 50,000
Debtors:   414,793 39,286
Cash at bank and in hand: 28,926 401,013
Total current assets: 518,719 490,299
Creditors: amounts falling due within one year:   (265,729) (237,609)
Net current assets (liabilities): 252,990 252,690
Total assets less current liabilities: 596,992 560,913
Total net assets (liabilities): 596,992 560,913
Capital and reserves
Called up share capital: 1,000 1,000
Profit and loss account: 595,992 559,913
Shareholders funds: 596,992 560,913

The notes form part of these financial statements

PROJECT AUDIO LTD

Balance sheet statements

For the year ending 30 March 2019 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 09 March 2020
and signed on behalf of the board by:

Name: Ms Claire Munnelly
Status: Director

The notes form part of these financial statements

PROJECT AUDIO LTD

Notes to the Financial Statements

for the Period Ended 30 March 2019

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Tangible fixed assets and depreciation policy

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as followsPlant and machinery over 5 yearsFixtures, fittings, tools and equipment over 5 yearsMotor vehicles over 5 years

PROJECT AUDIO LTD

Notes to the Financial Statements

for the Period Ended 30 March 2019

2. Employees

2019 2018
Average number of employees during the period 2 2

PROJECT AUDIO LTD

Notes to the Financial Statements

for the Period Ended 30 March 2019

3. Tangible Assets

Total
Cost £
At 01 April 2018 558,969
Additions 141,268
Disposals (124,582)
At 30 March 2019 575,655
Depreciation
At 01 April 2018 250,746
Charge for year 7,530
On disposals (26,623)
At 30 March 2019 231,653
Net book value
At 30 March 2019 344,002
At 31 March 2018 308,223

PROJECT AUDIO LTD

Notes to the Financial Statements

for the Period Ended 30 March 2019

4. Loans to directors

Name of director receiving advance or credit: Claire Munnelly
Description of the loan: Interest bearing loan repayable on demand
£
Balance at 01 April 2018 0
Advances or credits made: 266,508
Advances or credits repaid: 79,184
Balance at 30 March 2019 187,324
Name of director receiving advance or credit: Jason Bacon
Description of the loan: Interest bearing loan repayable on demand
£
Balance at 01 April 2018 0
Advances or credits made: 229,340
Advances or credits repaid: 73,969
Balance at 30 March 2019 155,371